A joint venture between The Wolff Co. and Leavitt Capital Cos. purchased Phase I of the Rio West Business Park, a class A flex-office project in suburban Phoenix, Ariz.

The value of the transaction was $38.5 million.

Completed in 2005, Phase I of Rio West Business Park includes three buildings totaling approximately 188,485 square feet. The project was 100 percent leased to two tenants at the time of purchase. Monster Worldwide Inc. occupies approximately 40,812 square feet, and US Airways Inc. occupies approximately 147,673 square feet.

“Tempe is growing rapidly, in one of the most dynamic markets in the country,” said Fritz H. Wolff, a principal of The Wolff Co. “This is a great submarket, and we think Rio West is the kind of well-positioned, quality development that will hold its own for many years to come.”

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